[The circuit breaker of Park Cheol-seong]
▲Fantagio's 2019 audit report said that the "continued business loss rate before deducting corporate tax expenses in the last three business years" exceeded 75.55%, exceeding 50%. As of the first half of 2020, the ratio of capital erosion is already 43.72%. Experts predicted and reported that the "continued business loss rate before deducting corporate tax expenses in the last three business years" will exceed 50 percent this year.
The KOSDAQ-listed company Fantagio (032800) was flooded with dark clouds. There is widespread concern that heavy rain could soon fall.
Fantagio is facing a crisis of "designation of management items." This is why experts issued the "Quickfall Warning" in Fantagio.
Experts point out that Fantagio, which withdrew its 20 billion won capital increase on the 6th, could be included in the management category.
Management items refer to those specifically designated by the Korea Exchange among those that meet the criteria for delisting. Management items are based on the regulation of listing securities.
First of all, management is the same as part two. be excluded from credit transactions It cannot be used as a proxy securities.
The method of sale is also subject to separate restrictions. The prices received shall be treated as simultaneous prices within the time limit of the sales and attendance by the former and the latter. Pricing takes a stand-alone selling approach at a single price.
What is important is that if the reason for designation of management items is repeated, they can be delisted.
▲According to Fantagio's disclosure, the initial payment date was August 5, when the company decided to issue 20 billion won in convertible bonds on May 7, 2020. Fantagio, however, said in a public announcement on the 23rd that it had originally postponed the payment date from August 5 to October 30 and then postponed it again to November 29.
The formal requirements for the designation of management items by the Korea Exchange include the failure to submit business reports in the quarter and the half of the year, and the receipt of a "limited opinion" as an audit opinion by an accounting firm.
In addition, the actual requirements are ▲less than sales (less than 3 billion won per year), ▲ capital erosion (more than 50 percent of capital erosion, less than 1 billion won of equity capital), ▲less than distribution of shares (less than 200 small shareholders, less than 20 percent of minority shareholders), ▲less than transaction volume (a monthly average transaction volume of less than 1% of current stocks) for 30 days (a total market value of less than 4 billion won).
In addition, other requirements for designation of management items include a corporation that has made an unfaithful disclosure for two years for violation of its disclosure obligation and has a penalty of 15 or more points.
It was the "capital erosion" that held Fantagio back. This is a fatal blow.
As explained earlier, 'more than 50% of its own capital. Continued business losses before deducting corporate tax expenses are included in the" management category" if they are more than twice in the last three years.
Fantagio is now on the verge of regulation. This is the case this year, following 2019. Experts point out that it is inevitable to include management items in the current financial statements.
Fiscal year 2020 is less than 30 business days. There is no time to overcome.
But first aid is not impossible. Potatoes are inevitable for Fantagio to avoid designation as a management item.
"If Fantagio wants to avoid designation as a managed item, at least 5 to 1 or more potatoes are inevitable," said A, an accountant.
The problem is that potatoes are not as easy as it sounds. This is because the resolution is a special resolution of the shareholders' meeting.
This coming 23rd is Fantagio's extraordinary shareholders' day. Will the struggle to get out of the management crisis be successful?
Of course, on the day of the shareholders' meeting, an emergency proposal may be made. On this day, we can throw too much potato resolution. But this, too, is only an expectation, an unknown.
This is why experts advised Fantagio to pay special attention to its "urgent warning" and investment.
Writer/Cheol-seong Park, a waiting writer, <Director of Research Center·Columnist>